Jamaica: PCJ extends Sagres Energy offshore blocks

By OGJ editors

Petroleum Corp. of Jamaica has extended production sharing agreements held by a subsidiary of Sagres Energy Inc., Calgary, on offshore blocks 9, 13, and 14.

The three blocks held by Sagres’s Rainville Energy Corp. unit total 8,864 sq km. PCJ extended the first exploratory phase until Apr. 30, 2012, to allow potential joint venture partners time to complete an evaluation of the blocks. Sagres Energy is discussing farmouts with several parties.

Sagres Energy said it is “excited by the potential of the La Concepcion prospect, a prospect mapped straddling Blocks 9 and 13, with an independent evaluation establishing a gross mean prospective resource estimate of 3 billion bbl.”

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